Registered exports of goods decreased by 13.4 percent annually in November 2020. The decrease in exports to Armenia has significantly contributed to the decrease in export revenues from the countries of the region, which is mainly due to the decrease in exports of cars and trucks. There is a decrease in exports of vehicles to Azerbaijan and a decrease in exports of cars, medicines, natural grape wines, and mineral waters to Kyrgyzstan.
The November review of the National Bank (NBG) reveals.
It also explains that exports of copper ores and concentrates to Romania and China have declined. Exports to the United States and Spain increased due to the re-export of precious metals, as well as copper ores and concentrates, and increased exports of nuts to Germany.
The main exporters in November 2020 were: Russia, Azerbaijan, Bulgaria, China, Ukraine, the USA, and Turkey.
In total, the share of 7 major trading partners accounted for 64 percent of total exports.
According to the National Bank, compared to the previous year, exports by countries were less diversified.
"The largest contribution to the 13.4 percent decline in export earnings in November 2020 was made by light vehicle exports (-13.7 percentage points)," the National Bank (NBG) said in a review.
